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Beginning Activities

Beginning Activities. Title today’s lesson: Monetary Standards Video Activity: Why won’t the guy accept bits of string? Mission Statement: To prepare you for a life of responsible citizenship Daily Expectations: Come in quietly and get to work immediately Pay attention and be respectful

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Beginning Activities

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  1. Beginning Activities • Title today’s lesson: Monetary Standards • Video Activity: Why won’t the guy accept bits of string? • Mission Statement: To prepare you for a life of responsible citizenship • Daily Expectations: • Come in quietly and get to work immediately • Pay attention and be respectful • No phones • No food or drinks other than water • Do your work • Give AP quality effort • 5 bonus points for supplies

  2. Extra Credit • 5 points each 6 weeks for bringing supplies: • Paper clips • Pens • Paper • Staples • Tape

  3. Monetary Standards

  4. Constitution • Article 1 Section 8 gave the federal government the right to regulate the banking industry. • States and private banks issued their own currencies until the end of the Civil War. • There was so much paper money floating around that inflation was ridiculous. • The federal government passed a tax on money made at state and private banks to force them out of the market.

  5. The Gold Standard • Gold Standard Act of 1900 tied the value of money directly to the availability of gold. • Advantages • People feel more secure. • Prevents the government from printing too much money (though it has always printed more money than it has had in gold) • Disadvantages • Stock of gold may not grow fast enough to keep up and slow the economy down • People could convert all their cash to gold and ruin the economy. • Gold prices are not fixed. • Countries have a hard time trying to fix the price of gold.

  6. Fiat Money Standard • Since 1934, the U.S. has been on a fiat money standard. • This allows the Federal Reserve (the central bank) to regulate the money supply to meet the needs of the economy.

  7. Ending Activity • Quantitative Easing Article Activity • Make sure the floor is clean • Connect to our objectives: How does this prepare you for life and the future?

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